Skip to main content

Can I Write Agreement of Sale for Family Property Transfer?

My son wishes to buy my old house in Delaware County PA; he currently resides in house with his GF. They are planning to marry after home purchase, both are very trustworthy.

The home value is $350,000, and I plan to give gift of equity, $35,000, maybe little more. Leaving $315,000. I owe $54,000 on Mortgage. Expected Proceeds $261,000, all for down-payment on our new home.

They have a huge down-payment of $85,000 ready. So, $230,000 remains for Mortgage.

My son, Industrial Mechanic, is earning $100,000/yr, with massive OT and 3rd Shift with FICO 685 per Discover. The GF is making $17/hr, but has 770 FICO on Discover. Hopefully, no issues getting decent Mortgage.

This home sale is critical for my wife and I, since we are building a ranch home in Southern Delaware, expected completion April 1st, 2026.

My son wants Close Date December 30th, 2025. He needs Agreement of Sale ASAP to start applying for Mortgages today. I recommended applying to 4 different mortgage companies, credit union or broker. I was told 4 max since more will lower credit score...

Hopefully no tax issues holding proceeds from sale for our down-payment on our new home...

Thanks in advance for any advice. Sorry for Long Post...

submitted by /u/Spirited_Soul_001
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1p0bo0o/can_i_write_agreement_of_sale_for_family_property/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more